Mobile security platform specialist, Accumulate, will get a new shareholder when PayEx, a Nordic specialist in payments, invests in the mobile technology provider. Together with the existing owners' contribution, the company will get over $2 million in new venture capital. Among current owners are the Sixth AP Fund and private investors and, says Accumulate, the capital will be used to further develop the company's business area for mobile payments and mobile security.
"Accumulate's mobile security platform has great potential. PayEx use it for its service "PayEx Mobil" launched in July 2009. "PayEx Mobil" has already many users and the mobile payment solution arouses great interest every time we show it. As one of the leading players in the Nordic market for overall payment services, and now also as a partner and owner in Accumulate, we look forward to many new and exciting commercial projects", says Krister Fingal, president of PayEx.
Accumulate markets two mobile platforms, said to be with more than nine million users: Mobile Everywhere – secure transactions for identification and payments; and Flexion – payment and access and usage rights solutions for mobile retail of content and services.
"Our existing and new owners see a great potential in Accumulates technology. For example, our partnership with PayEx and their mobile payment solution PayEx Mobil has attracted great interest. With our patented technology for mobile payment and identification and the new capital, we can now accelerate the pace of development and opening up in more markets", says Stefan Hultberg, CEO of Accumulate.